https://www.taxtmi.com/caselaws?id=7026 Deductibility of insurance premium under section 10(2)(xv) depended on whether the payment was laid out wholly and exclusively for the business in the assessee's character as a trader. The court found no material showing that the insured director's services were indispensable, that he possessed any special business qualification, or that trade practice supported such expenditure. The nexus between the premium and the business purpose was too remote, so the premium was not an allowable business deduction. en-us Thu, 13 Jul 1967 00:00:00 +0530 Sun, 08 Feb 2009 09:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7026 Deductibility of insurance premium under section 10(2)(xv) depended on whether the payment was laid out wholly and exclusively for the business in the assessee's character as a trader. The court found no material showing that the insured director's services were indispensable, that he possessed any special business qualification, or that trade practice supported such expenditure. The nexus between the premium and the business purpose was too remote, so the premium was not an allowable business deduction. Case-Laws Income Tax Thu, 13 Jul 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7026